Gold Settles $21.80 Higher... ($1663.30)

Today's December Gold Futures notched another All-time high as it traded a high of $1675.90........ The day session covered a range of $21.50 as traders and investors alike continue to use both Gold and Silver as their "safe haven" alternative investment choice. Traders continue to chart unchartered territory and despite knowing how technically overbought this market is.... However, until the world's economic climate changes I feel savvier investors will continue to trade the trend. We are inching ever closer to the wedding and festival season in India and China and I suspect if history is any indication that the demand for both Gold and Silver will be huge boarding on insatiable causing the jewelers to stock and then re-stock in order to meet demand.....Wedding season begins in September. I believe many traders are awaiting the big UNEMPLOYMENT DATA due to be released Friday 8/5 at 7:30 AM CST........ Silver traded over $42.00 per ounce reaching $42.02 before settling at $41.77.8....$148.5 Higher on the day.....

ECONOMIC DATA 8/4

EXPORT SALES..........................7:30 AM CST.
INITIAL JOBLESS CLAIMS.........7:30 AM CST.
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MY SWING NUMBERS 8/4
DECEMBER GOLD
RESISTANCE # 2...................$'1686.00
RESISTANCE # 1...................$1676.00
PIVOT...................................$1665.00
SUPPORT # 1.......................$1653.00
SUPPORT # 2.......................$1631.00
VOLUME...............................161,000

SEPTEMBER SILVER
RESISTANCE # 2..................$42.95
RESISTANCE # 1..................$42.37
PIVOT..................................$41.47
SUPPORT # 1......................$40.88
SUPPORT # 2......................$40.00

Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
312-563-8029
877-294-4669

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